How Factoring Brokers Can Close More Deals Video - YouTube

Typically the factoring sales process in three parts: first, the factoring broker’s gonna

explain to the business owner what factoring is.

Second part is that the business owner expresses some sort of interest in moving forward with

the factoring process.

And finally you have the closing, which in essence is when the business owner decides

to factor their receivables and move forward.

And, it’s oftentimes that I hear from factoring brokers that the whole sales process kind

of stalls in that closing phase, so this video blog is going to talk about five tips for

factoring brokers to close deals.

Basically, the first step is that you’re supposed to sell what the business wants,

not what they need.

Basically, if you talk to a business owner, of course they need cash to...or they need

to improve their cash flow – but that’s not necessarily what they want.

What the business owner wants is cash, and they want it now.

So, instead of, you know, saying during the sales process, ‘Invoice factoring will help

you improve your cash flow,’ it sounds better, and stronger, if you close with something

like, ‘Invoice factoring is going to give you cash immediately, as in, you can invoice

the same day and you receive cash for that invoice on the exact same day.’

So that’s the first tip.

The second tip is to sell factoring as this one-of-a-kind financing solution.

Basically, business owners will approach factoring brokers, and there already two situations

have occurred: one, they most likely don’t know about factoring; and two, they’ve already

kind of exhausted other financing methods.

So they come to you, factoring brokers, for a solution, and it’s great if you can offer

them this one-of-a-kind, unique financing solution – factoring.

The next thing, the next tip that a factoring broker can use to help close sales is to create

some sort of sense of urgency when, you know, offering the deal to the business owner.

This could be something as simple as, you know, ‘I need to receive your application

within three days, otherwise the offer’s no longer good,’ or, you need to receive

information from them in order...in a timely manner, in order to keep their file open,

creating some sort of sense of urgency is going to prompt that business owner to move

quicker and move you along the sales process better.

The fourth tip is to never underestimate the power of silence.

It’s...being quiet is a really good thing to do after you utilize a closing technique,

because it allows the business owner to respond back to your offer.

And, when you use silence strategically it naturally creates tension, which prompts the

business owner to want to respond in order to stop the silence; it also gives you, the

factoring broker, the ability to listen and hear the business owner say, “Yes, I do

want to factor.”

Finally, the last tip is basically don’t take it personally.

If the business owner says, “No, I’m not interested,” you have to kind of grow a

thick skin and realize that they’re not saying no to you, they’re saying no to the

idea of factoring.

So for more tips and more information, please visit PRN Funding at www.prnfunding.com.